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Tuesday, August 12, 2008

BetOnMarkets Morning Update

The FTSE is currently indicating a week open, are awaiting the very important UK Consumer Price Index. The Bank of England has been struggling for the last few months to maintain a balance between controlling inflation, and trying to jump start a sputtering economy. Todays data will show if the BOEs job will become easier or not. A weak CPI number will result in a very strong open for the FTSE.

Renewed worries about a slowing down economy across the world, has pushed oil prices to a 14 week low. While escalating tension in Russia , traders are worried that a slowdown will lower demand will continue to be the overall theme. We will be looking forward to Wednesdays Department of Energy inventory supplies, which tends to move the market. Gold is nearing 800 dollars for the first time this year, as the strength of the US dollar has forced all those holding gold as a hedge to sell out of their positions, While we feel this is overdone, the recover of the US dollar has began.